Baron Capital

Q3 2014 13F · by Ron Baron, CEO

As of: Sep 30, 2014
Filed: Nov 13, 2014
US stock: $24.1B · prev $25.2B
Positions: 357 · prev 359
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves327 since the prior filing

+4.4 pp in · −4.6 pp out

New 21 +1.28 pp
Added 147 +3.13 pp
Trimmed 136 −2.97 pp
Exited 23 −1.63 pp

The book

Diversified · behaves like 108 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions11% of US stock

IT Gartner, Inc. trimmed+0.21 pp trimmed+0.212.8%
unresolved Itc Hldgs Corp trimmed+0.03 pp trimmed+0.032.2%
ACGL Arch Capital Group Ltd trimmed−0.06 pp trimmed−0.062.1%
MTN Vail Resorts, Inc. held held1.9%
FDS Factset Research Systems added+0.10 pp added+0.101.9%

Positions357 in this filing · 23 exited


ITGartner, Inc.	2.76%	9,076,791	$667M	trimmed−0%	+0.21 pp	6 q
unresolvedItc Hldgs Corp	2.23%	15,141,209	$539M	trimmed−1%	+0.03 pp	6 q
ACGLArch Capital Group Ltd	2.06%	9,073,178	$496M	trimmed−2%	−0.06 pp	6 q
MTNVail Resorts, Inc.	1.93%	5,376,813	$466M	held	—	6 q
FDSFactset Research Systems	1.85%	3,667,104	$446M	added0%	+0.10 pp	6 q
CSGPCoStar Group Inc	1.83%	2,832,565	$441M	added+20%	+0.34 pp	6 q
IDXXIdexx Laboratories Inc	1.79%	3,670,909	$433M	trimmed−1%	−0.17 pp	6 q
HHyatt Hotels Corporation	1.70%	6,779,458	$410M	added+2%	+0.08 pp	6 q
DKSDick's Sporting Goods, Inc.	1.66%	9,137,248	$401M	added0%	−0.03 pp	6 q
UAAUnder Armour, Inc.	1.61%	5,621,198	$388M	trimmed−6%	+0.20 pp	6 q
unresolvedSBA Comms Corp	1.58%	3,442,453	$382M	trimmed−0%	+0.18 pp	6 q
GWRGenesee & Wyoming Inc.	1.56%	3,938,676	$375M	trimmed−0%	−0.09 pp	6 q
MIDDMiddleby Corp	1.56%	4,271,376	$376M	added+2%	+0.18 pp	6 q
MTDMettler-Toledo International	1.44%	1,352,632	$346M	trimmed−0%	+0.08 pp	6 q
TRGPTarga Resources Corp.	1.33%	2,353,887	$321M	added0%	+0.03 pp	6 q
unresolvedColfax Corp	1.27%	5,368,797	$306M	trimmed−0%	−0.32 pp	6 q
UNFIUnited Natural Foods Inc	1.26%	4,946,360	$304M	trimmed−0%	−0.02 pp	6 q
BKDBrookdale Senior Living, Inc.	1.24%	9,323,854	$300M	added+48%	+0.40 pp	6 q
CHHChoice Hotels Intnl.	1.21%	5,613,782	$292M	trimmed−1%	+0.15 pp	6 q
GLPIGaming and Leisure Properties, Inc.	1.20%	9,341,040	$289M	trimmed−3%	−0.09 pp	4 q
MANUManchester United PLC	1.08%	15,825,542	$261M	added+60%	+0.40 pp	6 q
VRSKVerisk Analytics, Inc.	1.06%	4,201,526	$256M	trimmed−1%	+0.05 pp	6 q
AKXAnsys Inc	1.05%	3,356,682	$254M	trimmed−2%	+0.02 pp	6 q
TSLATesla, Inc.	1.04%	1,033,460	$251M	added+23%	+0.24 pp	3 q
SCHWThe Charles Schwab Corporation	1.03%	8,446,814	$248M	added+1%	+0.13 pp	6 q
FLTCorpay, Inc.	1.01%	1,721,889	$245M	trimmed−1%	+0.10 pp	6 q
ILMNIllumina Inc	1.01%	1,487,075	$244M	trimmed−9%	−0.15 pp	6 q
CYHCommunity Health Systems, Inc.	1.00%	4,394,540	$241M	trimmed−6%	+0.16 pp	6 q
HPHelmerich & Payne, Inc.	1.00%	2,456,457	$240M	trimmed−4%	−0.18 pp	6 q
BFAMBright Horizons Family Solutions Inc.	0.97%	5,595,864	$235M	trimmed−0%	+0.01 pp	6 q
THSTreehouse Foods, Inc.	0.97%	2,902,715	$234M	trimmed−1%	+0.04 pp	6 q
CXOConcho Resources Inc.	0.94%	1,803,200	$226M	added0%	−0.09 pp	6 q
GWREGuidewire Software, Inc.	0.94%	5,090,775	$226M	trimmed−1%	+0.11 pp	6 q
CLBCore Laboratories Inc.	0.87%	1,427,532	$209M	trimmed−2%	−0.10 pp	6 q
AL1Sumisho Air Lease Corp	0.86%	6,398,370	$208M	added+2%	−0.10 pp	6 q
KMXCarMax Inc.	0.85%	4,404,662	$205M	trimmed−0%	−0.06 pp	6 q
unresolvedThe Carlyle Group	0.82%	6,492,163	$198M	added+21%	+0.10 pp	6 q
unresolvedEquinix Inc	0.80%	911,842	$194M	added+12%	+0.12 pp	6 q
FASTFastenal Co	0.80%	4,319,038	$194M	trimmed−2%	−0.06 pp	6 q
WYNNWynn Resorts Ltd	0.76%	975,345	$182M	trimmed−7%	−0.10 pp	6 q
CSTECaesarstone Ltd.	0.74%	3,474,179	$180M	added+2%	+0.07 pp	6 q
CBRECbre Group, Inc.	0.73%	5,909,662	$176M	trimmed−2%	−0.03 pp	6 q
TDGTransDigm Group Incorporated	0.73%	950,000	$175M	held	—	6 q
unresolvedFinancial Engines	0.72%	5,073,099	$174M	added+3%	−0.17 pp	6 q
PRIPrimerica, Inc.	0.72%	3,596,767	$173M	added0%	+0.04 pp	6 q
SSNCSS&C Technologies Inc	0.70%	3,863,117	$170M	held	—	6 q
unresolvedAdvent Software Inc	0.66%	5,083,071	$160M	added+3%	+0.02 pp	6 q
GNRCGenerac Holdings Inc	0.65%	3,852,424	$156M	trimmed−0%	−0.10 pp	6 q
MMSMAXIMUS, Inc.	0.63%	3,810,555	$153M	trimmed−5%	−0.05 pp	6 q
unresolvedPinnacle Entertainment Inc.	0.62%	5,958,043	$149M	added+1%	+0.03 pp	6 q
CHDChurch & Dwight Co., Inc.	0.57%	1,944,911	$136M	trimmed−3%	+0.01 pp	6 q
unresolvedConcur Technologies Inc	0.57%	1,078,200	$137M	trimmed−7%	+0.14 pp	6 q
unresolvedLasalle Hotel Pptys	0.57%	3,986,726	$137M	held	—	6 q
DEIDouglas Emmett, Inc.	0.55%	5,184,163	$133M	trimmed−0%	−0.03 pp	6 q
unresolvedHomeaway Inc	0.55%	3,727,039	$132M	trimmed−2%	+0.03 pp	6 q
VACMarriott Vacations Worldwide Corporation	0.55%	2,099,141	$133M	added+3%	+0.07 pp	6 q
unresolvedLumber Liquidators Hldgs Inc	0.52%	2,190,374	$126M	trimmed−8%	−0.20 pp	6 q
CNSCohen & Steers Inc.	0.50%	3,119,819	$120M	trimmed−0%	−0.04 pp	6 q
MSCIMSCI, Inc.	0.50%	2,551,783	$120M	trimmed−4%	+0.02 pp	6 q
unresolvedWaste Connections Inc	0.50%	2,500,000	$121M	held	—	6 q
CPRTCopart Inc	0.48%	3,671,787	$115M	trimmed−20%	−0.17 pp	6 q
BERYBerry Global Group, Inc.	0.47%	4,500,000	$114M	trimmed−7%	−0.02 pp	6 q
BAHBooz Allen Hamilton Holding Corporation	0.47%	4,798,138	$112M	trimmed−31%	−0.12 pp	6 q
unresolvedFEI Company	0.47%	1,500,515	$113M	held	—	6 q
MORNMorningstar, Inc.	0.46%	1,632,989	$111M	trimmed−1%	−0.01 pp	6 q
WSTWest Pharmaceutical Services, Inc.	0.46%	2,469,096	$111M	added+37%	+0.16 pp	6 q
LKQLKQ Corporation	0.45%	4,089,900	$109M	trimmed−25%	−0.13 pp	6 q
unresolvedPriceline Grp Inc	0.45%	92,980	$108M	trimmed−12%	−0.05 pp	6 q
unresolvedDevry Ed Group Inc	0.43%	2,433,460	$104M	trimmed−13%	−0.04 pp	6 q
unresolvedUltimate Software Group Inc	0.43%	729,034	$103M	trimmed−0%	+0.03 pp	6 q
ALXAlexander's Inc.	0.41%	262,882	$98M	held	—	6 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.41%	1,182,317	$98M	added+4%	+0.04 pp	6 q
unresolvedTechne Corp	0.41%	1,053,380	$99M	held	—	6 q
AYIAcuity Inc.	0.40%	825,000	$97M	held	—	6 q
unresolvedPanera Bread Co	0.40%	586,417	$95M	trimmed−0%	+0.05 pp	6 q
OAKOaktree Capital Group, LLC	0.39%	1,860,128	$95M	trimmed−1%	+0.02 pp	6 q
unresolvedNord Anglia Education Inc	0.38%	5,445,215	$93M	added+5%	0.00 pp	2 q
unresolvedAtlas Energy LP	0.37%	2,025,818	$89M	added+12%	+0.05 pp	6 q
ICLRIcon Plc	0.36%	1,515,624	$87M	trimmed−1%	+0.07 pp	6 q
EWEdwards Lifesciences Corp	0.35%	836,867	$85M	trimmed−23%	−0.02 pp	6 q
DOORMasonite International Corp	0.35%	1,532,500	$85M	added+19%	+0.06 pp	2 q
unresolvedMattress Firm Hldg Corp	0.35%	1,412,000	$85M	added+1%	+0.08 pp	6 q
PENNPENN Entertainment, Inc.	0.35%	7,583,259	$85M	added0%	−0.02 pp	6 q
APAMArtisan Partners Asset Management Inc.	0.34%	1,557,032	$81M	trimmed−13%	−0.06 pp	6 q
FOSLFossil Group, Inc.	0.34%	883,596	$83M	trimmed−0%	−0.03 pp	5 q
IRDMIridium Communications Inc.	0.34%	9,190,510	$81M	added+1%	+0.03 pp	2 q
unresolvedMadison Square Garden Co	0.34%	1,250,000	$83M	held	—	6 q
PSXPPhillips 66 Partners LP	0.34%	1,213,097	$81M	held	—	5 q
unresolvedNielsen Holdings N V	0.34%	1,865,662	$83M	trimmed−4%	−0.03 pp	6 q
AREAlexandria Real Estate Equities, Inc.	0.32%	1,057,939	$78M	held	—	6 q
unresolvedDreamWorks Animation SKG Inc.	0.32%	2,820,064	$77M	trimmed−19%	0.00 pp	5 q
WYNTravel + Leisure Co.	0.32%	947,227	$77M	added+6%	+0.05 pp	6 q
ACIWACI Worldwide, Inc.	0.31%	4,000,000	$75M	added×2.7	−0.02 pp	6 q
unresolvedIconix Brand Group Inc	0.31%	2,000,000	$74M	held	—	6 q
SAMBoston Beer Company	0.30%	328,830	$73M	trimmed−0%	+0.01 pp	6 q
unresolvedDigitalglobe Inc	0.30%	2,576,883	$73M	added+1%	+0.02 pp	6 q
unresolvedGlobe Specialty Metals Inc	0.30%	4,000,000	$73M	held	—	6 q
RXNZurn Elkay Water Solutions Corporation	0.30%	2,551,273	$73M	held	—	6 q
WEXWEX Inc.	0.30%	650,000	$72M	held	—	6 q
HDHome Depot, Inc.	0.29%	763,873	$70M	added+6%	+0.06 pp	4 q
SSTKShutterstock, Inc.	0.29%	989,111	$71M	trimmed−2%	−0.04 pp	6 q
CAKECheesecake Factory (The)	0.28%	1,500,000	$68M	held	—	6 q
unresolvedInterval Leisure Group Inc	0.28%	3,504,787	$67M	trimmed−6%	−0.05 pp	6 q
TREXTrex Company, Inc.	0.28%	1,927,874	$67M	added+1%	+0.06 pp	3 q
unresolvedAdvisory Brd Co	0.27%	1,384,463	$65M	trimmed−19%	−0.08 pp	6 q
BNFTBenefitfocus, Inc.	0.27%	2,418,085	$65M	added+16%	−0.11 pp	4 q
TCSThe Container Store Group, Inc.	0.27%	2,998,650	$65M	trimmed−35%	−0.24 pp	4 q
unresolvedLiberty Media Corp Delaware	0.27%	1,405,402	$66M	new	+0.27 pp	new
unresolvedOn Assignment Inc	0.27%	2,387,056	$64M	added+26%	0.00 pp	6 q
VMIValmont Industries, Inc.	0.27%	489,185	$66M	held	—	6 q
PEGAPegasystems Inc	0.26%	3,262,524	$62M	trimmed−7%	−0.03 pp	6 q
JLLJones Lang LaSalle, Inc.	0.24%	458,611	$58M	added+5%	+0.02 pp	6 q
NDSNNordson Corp	0.24%	750,000	$57M	held	—	6 q
unresolvedPall Corp	0.24%	685,397	$57M	trimmed−9%	−0.02 pp	6 q
CLHClean Harbors, Inc	0.23%	1,050,000	$57M	trimmed−9%	−0.06 pp	6 q
CGNXCognex Corp	0.23%	1,400,000	$56M	trimmed−20%	−0.04 pp	6 q
unresolvedCooper Cos Inc/The	0.23%	356,193	$55M	trimmed−0%	+0.04 pp	3 q
unresolvedDiamond Resorts Intl Inc	0.23%	2,442,752	$56M	trimmed−1%	0.00 pp	5 q
unresolvedIHS Inc 'A'	0.23%	446,457	$56M	trimmed−7%	−0.03 pp	6 q
MSMMSC Industrial Direct Co., Inc. Class A	0.23%	649,825	$56M	held	—	6 q
CSUSonida Senior Living, Inc.	0.22%	2,466,364	$52M	added+7%	0.00 pp	6 q
DXCMDexCom, Inc.	0.22%	1,345,322	$54M	trimmed−0%	+0.01 pp	6 q
DISCKDiscovery Inc-c	0.22%	1,424,553	$53M	added×3.9	+0.17 pp	6 q
unresolvedMobileye Nv	0.22%	991,069	$53M	new	+0.22 pp	new
unresolvedFlotek Industries Inc DEL	0.21%	1,973,801	$51M	added+5%	−0.03 pp	5 q
MHKMohawk Industries, Inc.	0.21%	374,912	$51M	added+18%	+0.04 pp	6 q
unresolvedPlatform Specialty Prods Cor	0.21%	2,000,000	$50M	trimmed−11%	−0.04 pp	3 q
ESNTEssent Group LTD	0.21%	2,334,656	$50M	trimmed−18%	−0.02 pp	4 q
unresolvedAirgas Inc	0.20%	438,299	$48M	trimmed−2%	+0.01 pp	6 q
FETForum Energy Technologies, Inc.	0.20%	1,556,442	$48M	added+1%	−0.02 pp	6 q
unresolvedLinkedin Corp Cl A	0.20%	234,273	$49M	trimmed−1%	+0.04 pp	6 q
RLRalph Lauren Corporation	0.20%	294,729	$49M	trimmed−14%	−0.02 pp	6 q
HSICHenry Schein Inc	0.20%	409,429	$48M	trimmed−10%	−0.01 pp	6 q
FGAAmerican Campus Communities	0.19%	1,259,280	$46M	trimmed−1%	0.00 pp	6 q
CHSPChesapeake Lodging Trust	0.19%	1,545,000	$45M	added+2%	+0.01 pp	6 q
COHRCoherent Corp.	0.19%	728,327	$45M	added+2%	0.00 pp	6 q
SLGSL Green Realty Corp.	0.19%	450,425	$46M	held	—	6 q
unresolvedBonanza Creek Energy Inc	0.18%	764,251	$43M	added+10%	+0.02 pp	6 q
DFRGDel Frisco's Restaurant Group, Inc.	0.18%	2,245,000	$43M	added+10%	−0.04 pp	5 q
LSTRLandstar System Inc	0.18%	593,300	$43M	held	—	6 q
unresolvedMwi Veterinary Supply Inc	0.18%	288,997	$43M	added+89%	+0.09 pp	2 q
unresolvedRsp Permian Inc	0.18%	1,727,489	$44M	added+8%	−0.03 pp	3 q
ROPRoper Technologies, Inc.	0.18%	296,534	$43M	trimmed−6%	0.00 pp	6 q
UHSUniversal Health Services, Inc. Class B	0.18%	416,368	$44M	trimmed−4%	+0.01 pp	6 q
unresolvedScorpio Tankers Inc	0.18%	5,111,804	$42M	added0%	−0.03 pp	6 q
unresolvedCepheid	0.17%	913,196	$40M	added+1%	0.00 pp	6 q
SCORcomScore, Inc.	0.17%	1,098,041	$40M	trimmed−7%	0.00 pp	3 q
DISCADiscovery, Inc. Series A	0.17%	1,090,093	$41M	trimmed−22%	−0.24 pp	6 q
SMSM Energy Company	0.17%	516,248	$40M	added+2%	0.00 pp	6 q
unresolvedTumi Holdings Inc.	0.17%	2,055,000	$42M	added+8%	+0.02 pp	6 q
TIFTiffany & Co.	0.16%	410,699	$40M	trimmed−20%	−0.04 pp	6 q
unresolvedTowers Watson & Co.	0.16%	389,602	$39M	added+38%	+0.04 pp	2 q
VRSNVeriSign Inc	0.16%	686,188	$38M	trimmed−2%	+0.02 pp	6 q
WABWabtec Inc.	0.16%	475,448	$39M	trimmed−1%	0.00 pp	5 q
unresolvedWestern Refng Logistics LP	0.16%	1,074,639	$37M	added+1%	+0.02 pp	4 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.16%	1,056,696	$38M	trimmed−32%	−0.04 pp	6 q
LVSLas Vegas Sands Corp.	0.15%	596,568	$37M	trimmed−11%	−0.05 pp	6 q
37MMrc Global Inc	0.15%	1,569,137	$37M	added+14%	−0.01 pp	6 q
OASOasis Petroleum Inc	0.15%	883,168	$37M	added+1%	−0.04 pp	6 q
unresolvedSeacor Holdings Inc.	0.15%	499,842	$37M	trimmed−23%	−0.06 pp	6 q
TSCOTractor Supply Co	0.15%	585,741	$36M	trimmed−9%	0.00 pp	6 q
BJRIBJ's Restaurants, Inc.	0.14%	950,000	$34M	trimmed−5%	0.00 pp	6 q
EPAYBottomline Technologies Inc	0.14%	1,208,750	$33M	trimmed−2%	−0.01 pp	6 q
KWKennedy-wilson Holdings, Inc.	0.14%	1,413,688	$34M	added+8%	0.00 pp	6 q
KNKnowles Corporation	0.14%	1,250,000	$33M	added×4.0	+0.10 pp	2 q
unresolvedLiberty Media Corp Delaware	0.14%	697,744	$33M	added0%	−0.24 pp	6 q
LOWLowe's Companies Inc.	0.14%	659,324	$35M	added+11%	+0.03 pp	6 q
AATAmerican Assets Trust, Inc.	0.13%	975,700	$32M	added+5%	0.00 pp	6 q
CHEFThe Chef's Warehouse Inc	0.13%	2,000,000	$33M	trimmed−12%	−0.05 pp	6 q
PAGPenske Automotive Group, Inc.	0.13%	750,000	$30M	held	—	6 q
TROWT Rowe Price Group Inc	0.13%	404,983	$32M	trimmed−53%	−0.16 pp	6 q
SRCLStericycle Inc	0.13%	276,231	$32M	trimmed−1%	0.00 pp	6 q
unresolvedValero Energy Partners LP	0.13%	715,800	$32M	trimmed−1%	−0.01 pp	4 q
unresolvedAcxiom Corp	0.12%	1,742,241	$29M	trimmed−28%	−0.09 pp	6 q
BABAAlibaba Group Holding Limited	0.12%	336,505	$30M	new	+0.12 pp	new
unresolvedBrookfield Residential Pptys	0.12%	1,554,000	$29M	added+4%	0.00 pp	6 q
STAYExtended Stay America, Inc. Paired Share	0.12%	1,213,285	$29M	added+7%	+0.02 pp	4 q
HQYHealthEquity, Inc	0.12%	1,622,248	$30M	new	+0.12 pp	new
unresolvedRally Software Dev Corp	0.12%	2,412,767	$29M	trimmed−1%	+0.01 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	0.11%	582,732	$26M	added+3%	+0.01 pp	6 q
DHID.R. Horton Inc.	0.11%	1,265,175	$26M	new	+0.11 pp	new
GGGGraco Inc	0.11%	350,000	$26M	held	—	6 q
MCMoelis & Company	0.11%	787,827	$27M	trimmed−0%	0.00 pp	2 q
unresolvedStrategic Hotels & Resorts Inc	0.11%	2,275,576	$27M	trimmed−2%	0.00 pp	6 q
SHOSunstone Hotel Investors, Inc.	0.11%	1,871,128	$26M	added+3%	0.00 pp	6 q
CTLTCatalent, Inc.	0.10%	1,000,000	$25M	new	+0.10 pp	new
CERNCerner Corp	0.10%	423,316	$25M	added+2%	+0.01 pp	6 q
unresolvedCovance Inc	0.10%	300,000	$24M	held	—	6 q
CONECyrusOne Inc	0.10%	983,941	$24M	added+3%	+0.01 pp	6 q
ECLEcolab, Inc.	0.10%	218,869	$25M	trimmed−6%	0.00 pp	6 q
unresolvedForest City Enterprises Inc	0.10%	1,228,894	$24M	added+9%	+0.01 pp	6 q
unresolvedHeartware Intl Inc	0.10%	314,672	$24M	trimmed−37%	−0.08 pp	3 q
TILEInterface Inc	0.10%	1,451,700	$23M	held	—	6 q
SXCSuncoke Energy Inc	0.10%	1,032,217	$23M	added0%	+0.01 pp	6 q
WLKPWestlake Chemical Partners LP	0.10%	812,493	$24M	new	+0.10 pp	new
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.09%	776,400	$21M	held	—	3 q
METAMeta Platforms, Inc. Class A	0.09%	270,083	$21M	added+14%	+0.03 pp	6 q
HHCThe Howard Hughes Corporation	0.09%	141,741	$21M	added+4%	0.00 pp	6 q
unresolvedKeyw Holding Corp	0.09%	2,033,019	$23M	added+3%	−0.01 pp	6 q
PBFXPbf Logistics LP	0.09%	901,647	$23M	added+10%	0.00 pp	2 q
unresolvedQuintiles Transnatio Hldgs I	0.09%	402,749	$22M	added0%	0.00 pp	6 q
RHTRed Hat Inc	0.09%	385,178	$22M	added+7%	+0.01 pp	6 q
SXCPSunCoke Energy Partners, L.P.	0.09%	697,277	$21M	trimmed−2%	+0.01 pp	6 q
AMTAmerican Tower Corporation	0.08%	216,779	$20M	added+4%	+0.01 pp	6 q
FRCBFirst Republic Bk CA	0.08%	401,916	$20M	trimmed−11%	−0.02 pp	6 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.08%	215,000	$20M	added+13%	+0.01 pp	6 q
unresolvedSfx Entmt Inc	0.08%	3,750,000	$19M	added×3.0	+0.04 pp	4 q
SPGSimon Property Group, Inc.	0.08%	119,077	$20M	held	—	6 q
BIPBrookfield Infrastructure Partners L.P.	0.08%	525,263	$20M	added+13%	0.00 pp	6 q
unresolvedAthlon Energy Inc	0.07%	292,476	$17M	trimmed−14%	+0.01 pp	5 q
BLDRBuilders FirstSource, Inc.	0.07%	3,004,118	$16M	added+32%	0.00 pp	6 q
unresolvedGol Linhas Aereas Intlg S A	0.07%	3,464,600	$17M	added+58%	+0.02 pp	2 q
NEOGNeogen Corp	0.07%	445,596	$18M	held	—	6 q
OCOwens Corning	0.07%	500,054	$16M	added+32%	+0.01 pp	6 q
unresolvedPrecision Castparts Corp	0.07%	71,645	$17M	trimmed−9%	−0.01 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.07%	850,000	$17M	added+11%	0.00 pp	6 q
TALTAL Education Group	0.07%	506,005	$18M	added+78%	+0.04 pp	3 q
unresolvedTerraform Pwr Inc	0.07%	587,389	$17M	new	+0.07 pp	new
unresolvedTesoro Logistics LP	0.07%	235,728	$17M	trimmed−42%	−0.05 pp	6 q
1885807DAthenahealth Inc	0.06%	116,345	$15M	trimmed−7%	0.00 pp	3 q
CSLTCastlight Health, Inc.	0.06%	1,076,772	$14M	added×4.4	+0.05 pp	3 q
unresolvedGrubhub Inc	0.06%	410,064	$14M	added+17%	+0.01 pp	2 q
TOLToll Brothers, Inc.	0.06%	493,473	$15M	added×3.7	+0.04 pp	6 q
VNOVornado Realty Trust	0.06%	150,277	$15M	held	—	6 q
ACADAcadia Pharmaceuticals Inc.	0.05%	502,100	$12M	added+15%	+0.01 pp	3 q
unresolvedClubcorp Holdings Inc	0.05%	665,362	$13M	added+60%	+0.02 pp	4 q
FELEFranklin Electric Co Inc	0.05%	350,000	$12M	new	+0.05 pp	new
NCMINational CineMedia, Inc.	0.05%	750,000	$11M	trimmed−57%	−0.07 pp	6 q
unresolvedPerfect World Co Ltd	0.05%	620,500	$12M	added+15%	+0.01 pp	3 q
SQMSociedad Quimica y Minera de Chile SA	0.05%	465,000	$12M	added+16%	0.00 pp	6 q
TWTRTwitter, Inc.	0.05%	219,986	$11M	added+10%	+0.02 pp	4 q
unresolvedWestern Gas Equity Partners	0.05%	202,744	$12M	added+10%	0.00 pp	6 q
PRGOPerrigo Company PLC	0.05%	79,307	$12M	added+1%	0.00 pp	2 q
unresolvedEducation Realty Trust, Inc.	0.04%	1,016,888	$10M	held	—	6 q
GOOGAlphabet Inc. Class C	0.04%	15,010	$9M	added+2%	+0.01 pp	2 q
IEXIDEX Corporation	0.04%	138,204	$10M	new	+0.04 pp	new
MDSOMedidata Solutions, Inc.	0.04%	193,346	$9M	trimmed−16%	0.00 pp	4 q
MGMistras Group Inc.	0.04%	470,000	$10M	trimmed−45%	−0.04 pp	6 q
NFLXNetFlix Inc	0.04%	19,123	$9M	added+1%	+0.01 pp	5 q
OISOil States International, Inc.	0.04%	165,381	$10M	added+1%	0.00 pp	6 q
QLYSQualys, Inc.	0.04%	321,524	$9M	added+2%	+0.01 pp	3 q
unresolvedRyanair Holdings PLC ADR	0.04%	189,156	$11M	trimmed−5%	0.00 pp	6 q
unresolvedSolarCity Corp	0.04%	143,925	$9M	added×19.2	+0.04 pp	2 q
SKTTanger Inc.	0.04%	318,675	$10M	trimmed−34%	−0.03 pp	3 q
MLNXMellanox Technologies Ltd	0.04%	210,388	$9M	added+5%	+0.01 pp	5 q
unresolvedGolar Lng Partners LP	0.04%	271,432	$9M	held	—	6 q
AMZNAmazon.Com Inc	0.03%	23,794	$8M	trimmed−42%	−0.02 pp	6 q
AAPLApple Inc.	0.03%	76,907	$8M	trimmed−1%	0.00 pp	6 q
ENVEnvestnet, Inc.	0.03%	177,290	$8M	added+3%	0.00 pp	4 q
unresolvedGoogle Inc.	0.03%	13,490	$8M	added+2%	0.00 pp	6 q
unresolvedIpc The Hospitalist Co Inc	0.03%	150,000	$7M	held	—	6 q
unresolvedLiberty Interactive Corp	0.03%	192,044	$7M	added+17%	−0.02 pp	2 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	197,758	$7M	new	+0.03 pp	new
unresolvedRestoration Hardware Hldgs I	0.03%	91,119	$7M	added+1%	0.00 pp	4 q
unresolvedSpectranetics Corp	0.03%	309,727	$8M	added×5.1	+0.02 pp	4 q
unresolvedSusser Petroleum Partners LP	0.03%	118,210	$7M	trimmed−66%	−0.03 pp	6 q
unresolvedWuxi Pharmatech Adr	0.03%	201,500	$7M	held	—	6 q
WDAYWorkday, Inc. Class A	0.03%	86,131	$7M	trimmed−28%	−0.01 pp	3 q
GLNGGolar LNG Ltd	0.03%	120,112	$8M	trimmed−7%	0.00 pp	6 q
NBISNebius Group N.V. Class A	0.03%	220,000	$6M	trimmed−33%	−0.02 pp	6 q
FWMFairway Group Hldgs Corp Cl A Com Stk (De)	0.02%	1,000,000	$4M	trimmed−43%	−0.03 pp	6 q
MPLXMplx LP	0.02%	75,000	$4M	held	—	6 q
MANHManhattan Associates Inc	0.02%	108,612	$4M	new	+0.02 pp	new
MAMastercard Incorporated	0.02%	63,491	$5M	trimmed−0%	0.00 pp	6 q
unresolvedMonsanto Co	0.02%	52,707	$6M	held	—	6 q
ORLYO'Reilly Automotive, Inc.	0.02%	30,945	$5M	trimmed−16%	0.00 pp	6 q
PCRXPacira BioSciences, Inc.	0.02%	62,139	$6M	trimmed−60%	−0.04 pp	4 q
unresolvedPandora Media Inc	0.02%	232,476	$6M	trimmed−27%	−0.02 pp	5 q
RHIRobert Half Inc.	0.02%	78,204	$4M	held	—	6 q
unresolvedRose Rock Midstream L P	0.02%	64,742	$4M	added+6%	+0.01 pp	6 q
unresolvedSirona Dental Systems Inc	0.02%	74,903	$6M	trimmed−8%	−0.01 pp	6 q
SBUXStarbucks Corp	0.02%	70,994	$5M	trimmed−0%	0.00 pp	6 q
unresolvedTallgrass Energy Partners LP	0.02%	92,615	$4M	added+46%	+0.01 pp	6 q
unresolvedVince Hldg Corp	0.02%	175,000	$5M	trimmed−50%	−0.03 pp	4 q
VVISA Inc.	0.02%	25,746	$5M	trimmed−0%	0.00 pp	6 q
unresolvedXoom Corporation	0.02%	242,303	$5M	added+70%	+0.01 pp	6 q
unresolvedZillow	0.02%	44,365	$5M	trimmed−11%	−0.01 pp	6 q
ASMLASML Holding NV	0.02%	41,028	$4M	trimmed−0%	0.00 pp	5 q
AAgilent Technologies Inc.	0.01%	26,000	$1M	held	—	6 q
ALXNAlexion Pharmaceuticals Inc	0.01%	12,941	$2M	added+28%	0.00 pp	3 q
ALGNAlign Technology Inc	0.01%	27,500	$1M	trimmed−8%	0.00 pp	6 q
ASCMAAscent Capital Group, Inc. Series A	0.01%	21,300	$1M	added+75%	+0.01 pp	4 q
unresolvedBarracuda Networks Inc	0.01%	50,600	$1M	added×7.0	+0.01 pp	4 q
BIIBBiogen Inc.	0.01%	8,613	$3M	trimmed−0%	0.00 pp	3 q
BIOSOption Care Health, Inc.	0.01%	281,300	$2M	added+95%	+0.01 pp	4 q
BXPBXP, Inc.	0.01%	13,300	$2M	held	—	6 q
CMECME Group Inc.	0.01%	39,007	$3M	trimmed−34%	−0.01 pp	6 q
CSODCornerstone OnDemand, Inc.	0.01%	88,881	$3M	new	+0.01 pp	new
COSTCostco Wholesale Corp	0.01%	15,973	$2M	held	—	6 q
unresolvedExamworks Group Inc	0.01%	43,100	$1M	new	+0.01 pp	new
FRGIFiesta Restaurant Group, Inc.	0.01%	34,000	$2M	added×2.4	+0.01 pp	2 q
unresolvedFoundation Medicine	0.01%	110,132	$2M	trimmed−54%	−0.02 pp	4 q
GRFSGrifois, S.A.	0.01%	42,800	$2M	held	—	6 q
GPORGulfport Energy Corporation	0.01%	34,836	$2M	added+20%	0.00 pp	6 q
HALHalliburton Company	0.01%	41,196	$3M	added+27%	0.00 pp	6 q
unresolvedIntrawest Resorts Holdings, In	0.01%	336,414	$3M	trimmed−5%	−0.01 pp	3 q
PEParsley Energy Inc	0.01%	111,900	$2M	added+58%	0.00 pp	2 q
unresolvedPolypore International Inc	0.01%	39,063	$2M	added×2.2	+0.01 pp	6 q
PRIMPrimoris Services Corporation	0.01%	86,002	$2M	added×3.1	+0.01 pp	6 q
REGNRegeneron Pharmaceuticals Inc	0.01%	7,109	$3M	held	—	3 q
RNETRigNet, Inc.	0.01%	40,090	$2M	added+45%	0.00 pp	6 q
SUNEQSunedison Inc	0.01%	65,700	$1M	added+47%	+0.01 pp	3 q
unresolvedSuperior Energy Services Inc	0.01%	58,457	$2M	added+28%	0.00 pp	6 q
unresolvedTesco Corp	0.01%	85,700	$2M	trimmed−7%	0.00 pp	2 q
TXMDTherapeuticsMD, Inc.	0.01%	288,700	$1M	added+94%	+0.01 pp	3 q
unresolvedVca Inc	0.01%	50,000	$2M	trimmed−75%	−0.02 pp	6 q
VRNSVaronis Systems, Inc.	0.01%	59,200	$1M	added×2.7	+0.01 pp	3 q
VMWVMware, Inc	0.01%	30,126	$3M	added+4%	0.00 pp	3 q
unresolvedWhiteWave Foods Co	0.01%	55,904	$2M	new	+0.01 pp	new
unresolvedWhole Foods Market	0.01%	58,330	$2M	trimmed−12%	0.00 pp	6 q
YUMYum! Brands, Inc.	0.01%	42,811	$3M	trimmed−12%	−0.01 pp	6 q
CHKPCheck Point Software Technologies Ltd	0.01%	23,000	$2M	added+5%	0.00 pp	6 q
SDLPSeadrill Partners LLC	0.01%	41,783	$1M	added0%	0.00 pp	6 q
RMTORM2 International Inc	0.00%	25,000	$390,000	held	—	2 q
AERIAerie Pharmaceuticals, Inc.	0.00%	15,000	$310,000	new	0.00 pp	new
AMBRAmber Road Inc	0.00%	66,900	$1M	added+21%	0.00 pp	2 q
APCAnadarko Petroleum Corp	0.00%	9,939	$1M	added×2.3	0.00 pp	6 q
ARAntero Resources Corporation	0.00%	19,500	$1M	added+34%	0.00 pp	4 q
BIDUBaidu, Inc.	0.00%	1,037	$226,000	held	—	6 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	2,720	$180,000	trimmed−96%	−0.02 pp	6 q
CTRACoterra Energy Inc.	0.00%	23,600	$771,000	added+31%	0.00 pp	4 q
GTLSChart Inds Inc	0.00%	16,194	$990,000	added+7%	0.00 pp	6 q
CHDNChurchill Downs Inc	0.00%	12,000	$1M	added×2.7	0.00 pp	4 q
unresolvedCoupons.com, Inc.	0.00%	5,026	$60,000	held	—	3 q
DSGXDescartes Systems Group Inc	0.00%	23,400	$323,000	new	0.00 pp	new
EOGEOG Resources, Inc.	0.00%	8,868	$878,000	added+46%	0.00 pp	5 q
EVEaton Vance Corp	0.00%	1,610	$61,000	trimmed−100%	−0.21 pp	6 q
ESPREsperion Therapeutics Inc Ne	0.00%	24,000	$587,000	new	0.00 pp	new
unresolvedE2OPEN Inc	0.00%	125,000	$1M	added×4.2	0.00 pp	4 q
FB1Farmer Bros Co	0.00%	37,000	$1M	added+76%	0.00 pp	2 q
FEYEFireEye, Inc.	0.00%	4,943	$151,000	held	—	4 q
FLSFlowserve Corporation	0.00%	9,900	$698,000	added+11%	0.00 pp	4 q
FCXFreeport-McMoran Inc.	0.00%	11,937	$390,000	added+6%	0.00 pp	6 q
IBNICICI Bank Limited	0.00%	2,699	$133,000	held	—	6 q
INGNInogen Inc	0.00%	50,000	$1M	added+54%	0.00 pp	3 q
XENTIntersect ENT, Inc	0.00%	77,528	$1M	new	0.00 pp	new
unresolvedInventure Foods Inc	0.00%	85,000	$1M	new	0.00 pp	new
unresolvedKodiak Oil & Gas Corp	0.00%	65,302	$886,000	held	—	6 q
MPCMarathon Petroleum Corporation	0.00%	11,778	$997,000	added+6%	0.00 pp	6 q
MASIMasimo Corporation	0.00%	16,760	$357,000	trimmed−98%	−0.07 pp	6 q
NOVNOV Inc.	0.00%	6,243	$475,000	added+5%	0.00 pp	6 q
NBLNoble Energy, Inc.	0.00%	13,149	$899,000	added+13%	0.00 pp	6 q
unresolvedNovadaq Technologies Inc	0.00%	47,400	$602,000	added×10.1	0.00 pp	4 q
PDFSPDF Solutions Inc	0.00%	62,500	$788,000	added×2.1	0.00 pp	4 q
PKOHPark-Ohio Holdings Corp	0.00%	11,000	$526,000	added+83%	0.00 pp	4 q
POWIPower Integrations Inc	0.00%	21,200	$1M	added×2.0	0.00 pp	4 q
unresolvedQunar ADR	0.00%	4,150	$115,000	held	—	4 q
RMRegional Management Corp	0.00%	37,400	$671,000	new	0.00 pp	new
RVNCRevance Therapeutics, Inc.	0.00%	43,000	$831,000	added×2.1	0.00 pp	3 q
CRMSalesforce, Inc.	0.00%	15,729	$905,000	added+5%	0.00 pp	6 q
SFMSprouts Farmers Market, Inc.	0.00%	17,038	$495,000	held	—	5 q
SUSuncor Energy, Inc.	0.00%	29,000	$1M	held	—	5 q
SYTSyngenta Ag-adr	0.00%	9,000	$570,000	held	—	6 q
unresolvedWestern Gas Partners LP	0.00%	8,437	$633,000	added+6%	0.00 pp	6 q
unresolvedYouku Inc ADR	0.00%	3,138	$56,000	trimmed−18%	0.00 pp	6 q
unresolvedZoes Kitchen Inc	0.00%	11,000	$338,000	trimmed−8%	0.00 pp	2 q
MMYTMakeMyTrip Limited	0.00%	2,625	$73,000	held	—	3 q
CRRCarbo Ceramics Inc.	—	−668,834	—	exited	−0.41 pp	—
unresolvedEmeritus Corp	—	−3,146,144	—	exited	−0.40 pp	—
RPRealPage, Inc.	—	−3,180,692	—	exited	−0.28 pp	—
unresolvedSusser Hldgs Corp	—	−600,000	—	exited	−0.19 pp	—
IMAXImax Corp	—	−630,000	—	exited	−0.07 pp	—
NDLSNoodles & Company Class A	—	−475,056	—	exited	−0.06 pp	—
MCHXMarchex, Inc. Class B	—	−826,435	—	exited	−0.04 pp	—
ZQKQuicksilver,inc.	—	−2,500,000	—	exited	−0.04 pp	—
SINASina Corp	—	−198,400	—	exited	−0.04 pp	—
unresolvedCiveo Corp	—	−336,562	—	exited	−0.03 pp	—
VNETVNET Group, Inc.	—	−291,900	—	exited	−0.03 pp	—
unresolvedQihoo 360 Technology Co. ADR	—	−50,000	—	exited	−0.02 pp	—
DATATableau Software, Inc.	—	−81,804	—	exited	−0.02 pp	—
ANETArista Networks	—	−10,000	—	exited	0.00 pp	—
unresolvedCobalt Intl Energy Inc	—	−25,295	—	exited	0.00 pp	—
unresolvedCraft Brew Alliance Inc	—	−25,000	—	exited	0.00 pp	—
EHTHeHealth, Inc.	—	−24,200	—	exited	0.00 pp	—
ESEESCO Technologies, Inc.	—	−15,600	—	exited	0.00 pp	—
LULUlululemon athletica inc.	—	−12,950	—	exited	0.00 pp	—
unresolvedOpower Inc	—	−30,325	—	exited	0.00 pp	—
QIWQiwi Plc-sponsored ADR	—	−2,417	—	exited	0.00 pp	—
unresolvedMediWound Ltd	—	−27,300	—	exited	0.00 pp	—
unresolvedSodastream International Ltd	—	−15,000	—	exited	0.00 pp	—